In section Market Quotes
Warby Parker shares jumped almost 26% to $26.69 on Thursday after the eyewear company raised the lower end of its full-year revenue outlook and reported third-quarter sales growth. The revised forecast also includes a modest contribution from its planned Intelligent Eyewear launch.
The company now expects full-year revenue of $966 million to $976 million. Analysts polled by FactSet had forecast $969.2 million. Third-quarter revenue rose 10% to $244.7 million, just below analysts’ estimate of $244.9 million.
Warby Parker reported quarterly profit of $5.6 million, or four cents a share, compared with $5.9 million, or five cents a share, a year earlier. Expenses increased to $129.6 million. Analysts had expected earnings of three cents a share.
Active customers rose 3% to 2.74 million on a trailing 12-month basis, below analysts’ estimate of 2.77 million. Average revenue per customer increased 6.7% to $342, ahead of the $336.30 analysts had expected. The company opened 12 net new stores, bringing its total to 364.
Co-Chief Executive Neil Blumenthal said Warby Parker was continuing to launch products and build on investments in services such as eye exams and insurance despite an uneven optical environment. The company plans to begin taking preorders for its Intelligent Eyewear collection on Nov. 12. Its updated forecast accounts for a modest contribution from the line, as well as related launch and operating expenses. The stock is up 17% year to date.
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